Motor car purchase
This query is : Resolved
08 August 2018
We are pvt Ltd Company. We purchased Luxury car (BMW) in name of our company. We paid Insurance for car. Now question are - Is we get ITC for car purchase, Insurance premium or Car maintenance?
2nd question is, If my company sell the car (BMW) what is the procedure in point of GST regim ?
2nd question is, If my company sell the car (BMW) what is the procedure in point of GST regim ?
08 August 2018
You will not get ITC on car purchase, insurance and maintenance.
GST applicable on sale value in excess of book value.
GST applicable on sale value in excess of book value.
08 August 2018
I have Toyota Corolla Altis registered in my Firm name, now planning to sell same. What GST is applicable on sale of car as its registered in company name.
08 August 2018
GST payable on sale value exceeding book value.
08 August 2018
Sir I am confused that some of expert said that No GST is applicable on sale of used car by a company or Firm (who is not involved in trading of cars as main business) and some of expert comments that GST is applicable ..
As per schedule 1 of CGST Act , Permanent Disposal of business Assets will be treated as supply.
Sir what is the rule of sale 2nd hand car in name of the company?
As per schedule 1 of CGST Act , Permanent Disposal of business Assets will be treated as supply.
Sir what is the rule of sale 2nd hand car in name of the company?
08 August 2018
18% GST applicable on sale value excess of book value. No GST on case sale value less than book value.
08 August 2018
Sir what is the calculation to sale figure if I sell used car. if you give some example I will obliged
08 August 2018
Give your sale value of car and depreciated value.
08 August 2018
Sale Value: Rs 1678969/- and WDV 1st April 2018 Rs. 1562127/-
08 August 2018
GST payable on 1678969-1562127
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